According to recent research from Transparency Market Research (TMS), the safety and security segment is likely to have a significant impact on the global smart home market as we enter the 2020s. This segment is expected to account for 21% share in the total global market over the next several years. From a geographical point of view, Europe is likely to lead the smart home security market due in large part to the increasing adoption of security devices in higher end luxury villas, mid-range homes, and luxury apartments in that region.
The TMS research claims the growing usage of smart home security devices in this higher priced dwellings is expected to drive growing market demand in the coming years. A large number of connected security devices already feature microphones and speakers and the TMS report added features such as these are big factors in promoting this market’s growth. The currently low deployment rate of smart home security is also cited as a prime factor supporting future growth as the importance of home security in the digital age is getting increased attention of late. DIY home security solutions in which homeowners monitor and install systems on their own will help increase smart home security deployment rates, TMS adds, a trend that will also promote swift growth of the overall market.
Another trend feeding the growth of the smart home security segment is the continued evolution of the Internet of Things (IoT) market. The IoT sector is seeing a dramatic rise in the total number of connected devices throughout the world and this has added to the growing concern to secure homes digitally. According to multiple reports, there are roughly 26.6 billion active IoT devices in the world today and the overall global market for IoT technology will reach $6.2 trillion by 2025.
Home monitoring and security devices are expected to head the product shipment list over the next few years as smart locks, video doorbells, home surveillance cameras and a range of other security and monitoring devices are expected to see the largest jumps in numbers over the next several years.